in the state the florida do you have to?
Ellen asked:
my daughter recently broke up with her boyfriend and they were living together and he has asked her to turn over the car or secure a 1500 dollar loan in 3 days. she has been making the payments up till the 14 of august. is what he wants her to do legal? we live in florida.
secured loan
my daughter recently broke up with her boyfriend and they were living together and he has asked her to turn over the car or secure a 1500 dollar loan in 3 days. she has been making the payments up till the 14 of august. is what he wants her to do legal? we live in florida.
secured loan
secured loan
Well who owns the car?
If it’s in her name (even jointly), he will have to take her to court.. If it’s in his name, she had better turn it over, or he can charge her with theft.
secured loan
If the daughter and the boyfriend were jointly on the loan together, one or the other may buy out the other person’s interest in the car. Sounds like the boyfriend is willing to let the daughter take the car with her, if she’ll give him $1500 to pay off his ownership in it.
Problem with that is that the boyfriend would *still* be listed on the loan, and he could make financial decisions down the road that could have an effect on the daughter’s car. For instance, if he decided to go bankrupt or on a crazy credit spending spree, the car loan would suddenly be in jeopardy because the lender could decide to call the note in on it.
What needs to happen is that they need to speak to the lender and have the loan modified to be in only one of their names.
- Stuart